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wsennier TRUE TO OURSELVES, OUR NEIGHBORS, OUR COUNTRY AND OUR GOD. — Thirty-First Year Established June 5, 1902 McCORMICK, S. C. Thursday, March 16, 1933 Four Pages Number 41 Text Of President Roosevelt’s Address On Banking WASHINGTON, March 12.—The full text of President Roosevelt’s address tonight follows: I want to talk for a few minutes with the people of the United States about banking—with the comparatively few who understand the mechanics of banking but more particularly with the overwhelm ing majority who use banks for the making of deposits and the draw ing of checks. I want to tell you what has been done in the last few days, why it was done, and what the next steps are going to be. I recognize that the many proclama tions from state capitols and from Washington, the legislation, the treasury regulations, etc., couched 30? the most part in banking and legal terms should be explained for the benefit of the average citizen. I owe this in particular because of the fortitude and good temper with which everybody has accepted the inconvenience and hardships of the banking holiday. I know that when you understand what we in Washington have been about I shall continue to have your co operation as fully as I have had your sympathy and help during the past week. First of all let me state the simple fact that when you deposit money in a bank the bank does not put the money into a safe deposit vault. It invests your money in many different forms of credit— bonds, commercial paper, mort gages and many other kinds of loans. In other words, the bank puts your money to work to keep the wheels of industry and of ag riculture turning around. A com paratively small part of the money you put into the bank is kept in currency—an amount which in normal times is wholly sufficient to cover the cash needs of the aver age citizen. In other words the total amount of all the currency in the country is only a small frac tion of the total deposits in all of the banks. What, then, happened during the last few days of February and the first few days of March? Because of undermined confidence on the pact of the public, there was a general rush by a large portion of cur population to turn bank de posits into currency or gold. A rush so great that the soundest banks could not get enough cur rency to meet the demand. The reason for this was that on the spur of the moment it was, of course, impossible to sell perfectly sound assets of a bank and con vert them into cash except at panic prices far below their real value. By the afternoon of March 3 scarcely a bank in the country was rpen to do business. Proclama tions temporarily closing them in OPERA HOUSE ABBEVILLE, S. C. THURSDAY, March 16th Ralph Bellamy, Gloria Stuart and Pat O’Brien in “AIR MAIL” FRIDAY, March 17th, Only THE 4 MARX BROTHERS in “HORSE FEATHERS” Added Newsreel showing Roosevelt’s Inauguration. Mon.-Tues. March 20th-21st Norma Shearer and Clark Gable in “STRANGE INTERLUDE” Make your plans now to sec this picture. Wcd.-Thurs. March 22nd-23rd Irene Dunne and John Boles in “BACK STREET” Story by Fannie Hurst. A wife in her heart, but never a bride. Come see one of the best pictures of the year. Shows: 3:15! 7:15; 9:00 Dally whole or in part had been issued by the governors in almost all the states. It was then that I issued the proclamation providing for the nation-wude bank holiday, and this was the first step in the govern ment’s reconstruction of our fin ancial and economic fabric. The second step was the legisla tion promptly and patriotically passed by the congress confirming i my proclamation and broadening . my powers so that it became pos- I sible in view of the requirement of jtime to extend the holiday and lift the. ban of that holiday gradually. This law also gave authority to de velop a program of rehabilitation of our banking facilities. I want to tell our citizens in every part of the nation that the national con gress—Republicans and Democrats alike—showed by this action a de votion to public welfare and a real ization of the emergency and the necessity for speed that it is diffi cult to match in our history. The third stage has been the series of regulations permitting the banks to continue their functions to take care of the distribution of food and household necessities and the payment of payrolls. This bank holiday while result ing in many cases in great incon venience is affording us the oppor tunity to supply the currency necessary to meet the situation. No sound bank is a dollar worse off than it was when it closed its doors last Monday. Neither is any bank which may turn out not to be in a position for immediate opening. The new law allows the twelve Fed- j eral Reserve banks to issue addi- , tional currency on good assets and thus the banks which reopen will be able to meet every legitimate call. The new currency is being sent out by the bureau of engraving and printing in large volume to every part of the country. It is sound currency because it is back ed by actual, good assets. A question you will ask is this —why are all the banks not to be reopened at the same time? The answer is simple. Your govern ment does not intend that the history of the past few years shall be repeated. We do not want and will net have another epidemic of bank failures. As a result we start tomorrow, Monday, with the opening of banks in the twelve Federal Reserve bank cities—those banks which on first examination by the treasury have already been found to be all right. This will be followed on Tuesday by the resumption of all their func tions by banks already found to be sound in cities where there are recognized clearing houses. That means about 250 cities of the Unit ed States. On Wednesday and succeeding days banks in smaller places all through the country will resume business, subject, of course, to the government’s physical ability to complete its survey. It is neces sary that the reopening of banks be extended over a period in order to permit the banks to make ap plications for • necessary loans, to obtain currency needed to meet their requirements and to enable he government to make common .:ense checkups. Let me make it clear to you that f your b^TkdQ|jLnot open the means i i i n. the on that I ki worry: meml system: receive banks ant Finance banks course ai cept that resume bu? thorities, have been askl of the treasury to le are 5 not erve will inber ction state same s ex cises to tate au- authorities e secretary permit their good banks to open up on the same schedule as the national banks. I am confident that the state banking departments will be as careful as the national govern ment In the policy relating to the opening of banks and will follow the same broad policy. It is possible that when the banks resume a very few people who have not recovered from their fear may again begin withdrawals. Let me make it clear that the banks will take care of all needs— and it is my belief that hoarding during the past week has become an exceedingly unfashionable pas time. It needs no prophet to tell you that when the people find that they can get their money—that they can get it when they want it for all legitimate purposes—the phantom of fear will soon be laid. People will again be glad to have their money where it will be safely , taken care of and where they can use it conveniently at any time. I can assure you that it is safer to keep your money in a reopened bank than under the mattress. The success of our whole great national program depends, of course, upon the co-operation of the public—on its intelligent sup port and use of a reliable system. Remember that the essential ac complishment of the new legisla tion is that it makes it possible for banks more readily to convex-t their assets into cash than was the case before. More liberal provision has been made for banks to borrow on these assets at the Reserve Banks and more liberal provision has also been made for issuing currency on the security of these good assets. This currency is not fiat currency. It is issued only on adequate se- ; curity—and every good bank has an abundance of such security. One more point before I close. There will be, of course, some banks unable to reopen without being re organized. The new law allows the government to assist in mak ing these reorganizations quickly and effectively and even allows the government to subscribe to at least a part of new capital which may be required. I hope you can see from this elemental recital of what your government is doing that there is nothing complex, or radical in the process. We had a bad banking situation. Some of our banks had shown themselves either incompetent or dishonest in their handling of the people’s funds. They had used the money entrusted to them in specu lations and unwise loans. This was of course not true in the vast majority of our banks but it was true in enough of them to shock the people for a time into a sense of insecurity and to put them into a frame of mind where they did not differentiate, but seemed to as sume that the acts of a compara tive few had tainted them all. It was the government’s job to straighten out this situation and do it as quickly as possible—and tho job is being performed. I do not promise you that every bank will be reopened or that indi vidual losses will not be suffered, but there will be no losses that possibly could be avoided; and there would have been more and greater losses had we continued to drift. I can even promise you salvation for some at least of the sorely pressed banks. We shall be engaged not merely in reopening sound banks but in the creation of sound banks through reorganiza tion. It has been wonderful to me to catch the note of confidence from all over the country. I can never be sufficiently grateful to the peo ple for the loyal support they have given me in their acceptance of the judgment that has dictated our course, even though all our j processes may not have seemed I clear to them. I After all there is an element in 1 the readjustment of our financial system more important than cur rency, more important than gold, 1 and that is the confidence of the people. Confidence and courage are the essentials of success in car- ( rying out our plan. You people must have faith; you must not be stampeded by rumors or guesses. Let us unite in banishing fear. We have provided the machinery to restore our financial system; it is up to you to support and make it work. It is your problem no less than it is mine. Together we can not fail. Wants Names Of Those Holding Gold The Peoples Bank of McCormick has received the following letter with the request that it be pub lished: FEDERAL RESERVE BANK OF RICHMOND March 10, 1933 TO ALL STATE BANKING INSTI TUTIONS OF THE FIFTH FED ERAL RESERVE DISTRICT: On March 8th we received the following telegram from the Fed eral Reserve Board for communi cation to all member banks. We have since received authority to send it to all banking institutions. “It is requested that you prepare and forward to the Board as soon as possible after March 13,-1933, as complete a list as can be made from information you are able to obtain, of the names and address es of all persons who have with drawn gold from your bank or a member bank in your district since February 1, 1933, and who have not redeposited it in a bank on or before March 13, 1933.” i We wish and expect to have your full co-operation in this mat- i ter, and would thank you to pre- , pare a list covering, as far as pos sible, all cases in which such with- : drawals of gold (including, of course, gold certificates) have been made from your bank. You should exclude from the list the names of any persons who have redeposited or who may redeposit such with drawn gold or gold certificates with you on or before March 13, 1933. The list of names and ad dresses, including where possible the amount of gold or gold cer tificates withdrawn and not re deposited, should be forwarded to us as soon as practicable after March 13, 1933. Very truly yours, GEORGE J. SEAY, Governor. x Undue Withdrawals Barred Despite 4 Hard Times’ Church At McCormick Raises Cash For Roof I ATLANTA, Ga., March 12.—Gov. Eugene R. Black of the Sixth Fed eral Reserve bank today issued a statement that it would be “en tirely proper” for banks to require written statements of depositors that withdrawals made after the banks open this week are not in violation of the presidential order against hoarding. In the statement sent to all fed eral banks in the sixth district the governor called attention to the anti-hoarding order and caution ed banks they were equally res ponsible with depositors to pre vent hoarding. Federal reserve officials com mented that under the order banks should require explanations when | depositors ask for amounts that lead banking officials to suspect hoarding. Governor Black’s statement said: “Under the executive order is sued by the President of the United States, banks over the United States are being permitted to open under federal license for unres tricted service, subject, among oth er things, to the obligation upon banks to prevent withdrawals of currency for the purpose of hoard ing ...” The statement then quoted por tions of the presidential order in cluding restrictions on shipments of gold or gold certificates to foreign countries and the part of the order which said “no permis sion to any banking institution to perform any banking functions shall authorize such institution to pay out any gold coin, gold bullion or gold certificates except as au thorized by the secretary of the treasury, nor to allow withdrawals of any currency for hoarding ff • • • “It will be necessary,” the gov ernor’s statement added, “for the banks as well as the depositing public to obey this law, and if full obedience to the law will be pro moted thereby it will be entirely proper for depositors to make writ ten statements that withdrawals are in line with the law and for banks to require such statements in aid of the manifest purpose of the law against hoarding.” During these days of depression, no doubt many people are really enjoying the privilege of saying “Oh, we can’t, there isn’t any money,” to any suggested project of construction, and pushing what they have deeper in their jeans, but not so with the Associated Re formed Presbyterians of McCor mick. I Recently, the church needed a new roof and the cost was $330. Believe it or not, but $305 of the required amount was immediately raised among the members which number less than four dozen. The pastor, the Rev. Leon T. Pressly, said “it was as easy as dropping a hat.” The remarkable thing about ; it is the fact that none of the 1 members are moneyed people and the majority of them are working ! on meager salaries; but they gave, everyone of them, some sacrificial- Jy. As an evidence of the important part women folk play in projects j of this kind, the aid society, com- ! posed of only nine members, rais ed $100. In addition to this new roof which is made of asbestos and cement and guaranteed for 88 years, a base setting of evergreen shrubbery has been planted on all sides of the building. The Rev. Mr. Pressly organized and built this church about 11 years ago and still serves it as pas tor. The building is a very attrac tive $20,000 brick veneer structure. According to the pay-as-you-go 1 policy of the pastor, the project was financed on a cash basis. It was established as a missionary church, and had so many of the dependable members not moved away, the church would probably have been a self-sustaining organ ization today. Another interesting fact, is the matter of the church’s location. When the building was placed over on a section of the town which seemed such an out-of-the-way place, many people disapproved. Today the situation is very differ ent. A new highway has been constructed at the foot of the hill along side the church and that isn’t all. When the capitol to capitol highway is completed, it will run directly in front of the building. Thus this location will prove one of the most desirable that could possibly have been chosen. X Death Claims Mrs. Marshall Funeral services fjr Mrs. Carrie Pratt Marshall, age 60, wife of Mr. J. O. Marshall, were held from thf Bethlehem Baptist Church a< Clark’s Hill Sunday at 12 o’clock noon, with her paster, the Rev. O. L. Orr, officiating. He was assist ed by the Rev. Leon T. Pressly, pas tor of the Associated Reformed Presbyterian Church of McCor mick. Interment was made in the churchyard cemetery. Mrs. Marshall had been ill for several months and her death oc curred Saturday afternoon about 3 o’clock at her residence in Clark’s Hill. For many years she taugh' in the public schools of this state and the influence of her noble Christian character has acted up on the lives of more than one gen eration. Besides her husband she is sur vived by her foster mother, Mrs. Laurie H. Bunch, and three sisters: Mrs. H. M. Calhoun of Arlington. Ga., Mrs. Nina P. Carter of Plains, Ga., and Miss Helen Pratt, of Ab beville, S. C. Active pallbearers were: Messrs. Ben Bunch, John Dallas Bunch, Jeff Sharpton, Roy L. Williams, Hall Calhoun, John Ryan and Hol stein Parks. Honorary pallbearers were: Messrs. Tom Meriwether, W. M. Rowland, Middleton Rich, W. J. Hines, Frank May, W. G. Fox, Cal vin Sanders and Bill Blue. J. S. Strom funeral director. Bellvue H. D. Club Holds Meeting The Bellvue H. D. Club met in the home of Mrs. J. R. Watkins Friday afternoon, March 3rd, with seven members and H. D. Agent present . Meeting called to order. The devotional exercises were conducted by the president. After roll call and the minutes read and adopted of the last meet ing Mrs. Stallworth was asked to take charge of the meeting. She gave a talk about the garden seed which are to be given out and how it must be done. The demonstration was on poul try, so she gave an interesting talk on the subject, the number which each family should have so as to have plenty of eggs and chickens for the family use. She advised home grown feed, also home mixed mash for hens and baby chicks. The four practices to be carried out by the club members: Culling the fowls. Get ready for baby chicks. Keep a record of chickens. Plan to plant more feed for the chicks. A cake contest was enjoyed by all. During the social hour the host ess served delicious refreshments, after which the club adjourned to meet with Mrs. Hester on April 7, 1933. Reporter. X More Than 300 Have Applied Here For Loans The office of County Agent E. L. Rogers is by far the busiest spot in McCormick these days since it is being used as headquarters for Mr. J. L. Calhoun, Field Inspector of Crop Production Loan Office. Over 800 applications for loans have been filed by the farmers of Mc Cormick County and more are com ing in every day, says Farm Agent Rogers. About 14 stenographers are assisting in filling out the blanks for the applicants. Loans applied for are ranging from $25 per plow to the maximum amount available. South Carolina was among the states at the top last year in pay ing up and collateralizing loans and McCormick County was one of the first counties in the state to do this. Card Of Thanks We wish to express our sincere appreciation to our friends and relatives for the many deeds of kindness and sympathy shown us during our recent bereavement. We also appreciate the lovely floral offerings. D. M. Bullock And Children. GREENWOOD, S. C. THURSDAY and FRIDAY March 16th-17th JOE E. BROWN in “YOU SAID A MOUTHFUL” SATURDAY, March 18th ZANE GREY’S “THE MYSTERIOUS RIDER” MONDAY and TUESDAY March 20th-21st Sylvia Sidney, Carv Grant and Charlie Ruggles in “MADAME BUTTERFLY” WEDNESDAY, ]»f"vch 22nd George Brent and Alice White “LUXURY LINER” THURSDAY and FRIDAY March 23rd-24th CECIL B. DE MILLE’S “SIGN OF THE CROSS'* with Frederic Marcn, Claudette Colbert, Elisha Landi and Charles Laughton